The post BlackRock CEO Larry Fink Calls Bitcoin a Safe Alternative Investment Like Gold appeared first on Coinpedia Fintech News
Bitcoin has come a long way from being dismissed as a tool for money launderers and thieves. Even Larry Fink, CEO of BlackRock, the world’s largest asset manager with $12 trillion under management, has changed his view.
Despite the recent crypto market crash, Larry Fink called cryptocurrency (Bitcoin) a legitimate alternative asset, similar to gold, useful for diversifying investment portfolios.
Fink Admits Past Mistakes
In a recent CBS 60 Minutes interview, Fink said that Bitcoin and other cryptocurrencies have grown and are now seen as real alternative investments.
He admitted, “I did say Bitcoin was for money launderers and thieves. But the market teaches you to always rethink your assumptions.”
This shows a big change in his view, moving from doubt to cautious acceptance, as crypto becomes more important in global finance.
Bitcoin as an Alternative Asset Similar To Gold
Today, Larry Fink sees Bitcoin as an alternative investment similar to Gold, suggesting that crypto could serve as a portfolio diversification tool and an inflation hedge.
While gold has a $15 trillion market, Bitcoin is emerging as a smaller but complementary asset. Meanwhile, for those looking to diversify, this is not a bad asset.
However, Fink warned not to put too much into crypto. He advised keeping it as a small part of any investment portfolio.
Institutional Adoption Accelerates Bitcoin Growth
This change in stance comes as BlackRock successfully launched its Bitcoin ETF, signaling strong institutional interest. BlackRock’s IBIT ETF is now ranked in the top 20 for U.S. ETF assets under management, breaking the $90 billion mark.
Other major financial institutions, including JPMorgan and Goldman Sachs, have also entered the crypto space, offering services to clients seeking digital asset exposure.
Following Fink’s interview, Bitcoin’s price has already jumped roughly 4%, reaching $115,300, recovering strongly from the recent market crash.